IFC Asserts Continued Support for Chad’s Private Sector

N’djamena, March 22, 2005— Today, Mr.
Assaad Jabre, acting executive vice president of the International Finance
Corporation, the private sector arm of the World Bank Group, concluded
a three-day visit to Chad, where he met with government and local private
sector representatives, nongovernmental organizations, and IFC clients
to discuss IFC’s support of private sector development in the country.
Mr. Jabre had the opportunity to meet with the President of Chad, Mr. Idriss
Déby; the Prime Minister, Mr. Pascal Yoadimnadji; and many other government
officials to discuss economic and social developmental priorities for the
country and reassert IFC’s support for private sector development.
He also met with the country’s financial institutions and the private
sector community to discuss the business environment and prospects for
improved private sector development.
Mr. Jabre visited the Chamber of Commerce of Chad and inaugurated the Enterprise
Development Center, which had received a grant of $111,000 to build the
capacity of entrepreneurs in micro, small, and medium businesses in the
country.
Chad’s private sector is still underdeveloped. It comprises less
than 400 small and medium enterprises and a multitude of small informal
units focused on agro-industry, building materials, and public works. Modern
manufacturing activity is embryonic and dominated by a limited number of
public and some private enterprises whose activities are concentrated in
cotton processing and sugar cane. The skills levels and capacity
of small businesses to perform better and become more competitive in the
country’s nascent oil economy remain low.
IFC’s strategic priorities for Chad include an active pursuit of direct
investments targeting sectors such as infrastructure, financial markets,
general manufacturing, agribusiness, and improving the business environment,
particularly for micro, small, and medium enterprises.
In FY04, IFC committed 25 projects in 12 countries in the Sub-Saharan Africa
region for a total amount of $407 million. IFC’s committed portfolio for
Chad was over $14 million as of June 30, 2004.
The mission of IFC (www.ifc.org)
is to promote sustainable private sector investment in developing countries,
helping to reduce poverty and improve people’s lives. IFC finances private
sector investments in the developing world, mobilizes capital in the international
financial markets, helps clients improve social and environmental sustainability,
and provides technical assistance and advice to governments and businesses.
From its founding in 1956 through FY04, IFC has committed more than $44
billion of its own funds and arranged $23 billion in syndications for 3,143
companies in 140 developing countries. IFC’s worldwide committed portfolio
as of FY04 was $17.9 billion for its own account and $5.5 billion held
for participants in loan syndications.
For more information, please contact one of the following:
N'Djamena, Chad-IFCDouala, Cameroon-IFC
Cheick Kante
Cheikh Oumar Seydi
Program
Coordinator
Country Manager
Phone : +1(235)-52 32 47
Phone : +1(237)-343 8033
Email :ckante@ifc.org
Email: oseydi@ifc.org